- The Big Picture - http://www.ritholtz.com/blog -

Federal Reserve Analyst: Fed Banks Are Private

Posted By Washingtons Blog On November 22, 2011 @ 6:00 am In Federal Reserve,Think Tank | Comments Disabled

I’ve documented numerous times that the 12 Federal Reserve Banks are private.

For example, I noted [1] last month:

Given that the 12 Federal Reserve banks are private – see this [2], this [3], this [4] and this [5]- the giant banks have a huge amount of influence on what the Fed does. Indeed, the money-center banks in New York control the New York Fed, the most powerful Fed bank. Indeed, Jamie Dimon – the head of JP Morgan Chase – is a Director of the New York Fed [6].

San Francisco Fed research analyst David Lang has just confirmed this once again:

[Question]: “I had a really quick question, the Federal Reserve Bank of San Francisco specifically, is that formed as a private corporation itself?”

David Lang: “Ah yes it is actually. yes our state chartered banks, banks under a charter share that and we pay a dividend on those shares.”

Hat tip Intel Hub [7].

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2011/11/federal-reserve-analyst-fed-banks-are-private/

URLs in this post:

[1] noted: http://www.washingtonsblog.com/2011/10/occupy-wall-street-and-occupy-the-fed-are-two-sides-of-the-same-coin.html

[2] this: http://www.washingtonsblog.com/2011/07/the-federal-reserve-admits-that-its-12-banks-are-private-not-government-entities.html

[3] this: http://www.washingtonsblog.com/2011/07/federal-reserve-attorneys-fed-banks-are-not-agencies-but-independent-corporations-with-private-boards-of-directors.html

[4] this: http://www.youtube.com/watch?v=kwIZ4syCFLc

[5] this: http://www.youtube.com/watch?v=4UqcY8lGUUE&feature=player_embedded

[6] Jamie Dimon – the head of JP Morgan Chase – is a Director of the New York Fed: http://www.newyorkfed.org/aboutthefed/org_nydirectors.html

[7] Intel Hub: http://theintelhub.com/2011/11/19/san-francisco-federal-reserve-employee-admits-fed-is-a-private-corporation-that-pays-dividends-to-shareholders/

Copyright © 2008 The Big Picture. All rights reserved.